Originally Posted by
Slasher1
I would feel no obligation to pay a lending entity back for a house if that lending entity played a role in later making that house worthless. Or who over optimistically lent money with terms which wound up being a scam.
There was always massive risk attached to purchasing a liveaboard. When I went for finance my lender
1) Wanted a property instead of the boat for collateral as they worried the boat was depreciating faster than the loan was reducing
2) the lender was a second tier finance company who borrowed wholesale and as a result my interest was twice what I would get borrowing from a bank for an apt
3) Questioned buying a liveaboard to maximise dock space vs buying an actual manufactured seaworthy boat that could find a market overseas
4) Questioned the value of the debenture vs the debenture face cost and the total finance package I wanted.
I think you’d be hard pressed to wriggle out of the finance obligation but worth a look.